Semiconductor Company UMC Surpasses Q3 Revenue Expectations, Eyes Growth With New Projects In Pipeline
Portfolio Pulse from Anusuya Lahiri
United Microelectronics Corp (UMC) reported better-than-expected Q3 revenue and earnings, with a 6% year-on-year growth. Despite a decline in gross margin, UMC is optimistic about future projects and collaborations. The company expects stable demand and flat wafer shipments in Q4. UMC's stock has declined 11% YTD, with recent downgrades from Morgan Stanley and Goldman Sachs.
October 30, 2024 | 1:42 pm
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UMC reported Q3 revenue of $1.91 billion, surpassing expectations. Despite a decline in gross margin, the company is optimistic about future projects and collaborations. UMC expects stable demand and flat wafer shipments in Q4.
UMC's better-than-expected Q3 results and positive outlook for future projects suggest potential short-term stock price appreciation. The company's stable Q4 outlook and ongoing collaborations, including with Intel, further support this positive sentiment. However, the stock's 11% YTD decline and recent downgrades by major firms may temper immediate gains.
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